6 Famous Brands That Lost Its Magic
BANGALORE: There have been many brands from the past decade that have seen their success with one such product that sent their sales soaring and as a result, their shares indirectly moving up. But after achieving a huge success many of them fail to identify the next new trend, or an unpredictable consumer base that consider the brand as no longer relevant. As a result the companies come crashing back down with their plummeting stock prices.
Let’s have a look at some of the brands that were cool trends before but have lost their fame now:
1. JC Penny
JC Penny being one of the largest department stores in America seemed to be successful with store expansion and kept certain things when other department stores nixed them. Moreover in 1993 when Sears closed its catalog business JC Penney became the largest catalog retailer in the United States. It offered a diverse customer experience by incorporating outside companies within their stores, like Sephora and Seattle's Best Coffee.
While adding companies within their stores, JC Penney also lost its identity. One mistake that they did was that they moved away from their target customer and started trying to appeal to higher-income customers. Unfortunately, their customer base was not interested in shelling out the money at JC Penney and hence the company lost its popularity gradually.